【Credit card for travelling 2023】The difference between UnionPay, VISA and MasterCard in credit card

Today, travel does not require exchanging a large amount of cash. With just a credit card, shopping abroad has become very convenient. In the past, when traveling to Japan, many people liked to pay with UnionPay credit cards, but is it the most cost-effective to use a credit card anywhere abroad? The credit card comparison platform breaks down the differences between Visa, Mastercard, and UnionPay in terms of region, handling fees, exchange rates, and cash rebates.

When choosing which type of credit card to use for local transactions, the first consideration is the region. If traveling in China, Hong Kong, Macau, or Asia, both UnionPay, Visa, and Mastercard are widely accepted, with UnionPay being the most widely accepted in China. If choosing a European or American region, such as the United States, United Kingdom, France, etc., Visa and Mastercard are more widely accepted.

When using a credit card for overseas consumption, if you use Visa or Mastercard to pay, a 1.95% handling fee is required. If you choose the American Express AE credit card, a 2% handling fee is required, while if you choose the UnionPay credit card, no handling fee is required.

If you plan to travel to Japan, if you pay through Visa, as of February 9, 2023, the exchange rate for 1 Hong Kong dollar is 16.7578 yen. If paying with Mastercard, 1 Hong Kong dollar can be exchanged for 16.7959 yen. If using UnionPay, 1 Hong Kong dollar can be exchanged for 16.8579 yen, which is the highest of the three. As of now, there is no official website available for reference for the AE credit card. Due to daily fluctuations in exchange rates, it is recommended to compare the exchange rates on the official websites of Mastercard, Visa, and UnionPay.

(9/2/2023 For reference only)

For local transactions, when traveling in Asia, using the UnionPay credit card is more cost-effective, and the UnionPay Diamond Card from EarnMORE can earn a 2% cash rebate. Additionally, the Citi Rewards UnionPay credit card can earn a 0.4% cash rebate.

If consuming in Europe or America, the main option is the Citi Cash Back credit card, which offers a 2% cash rebate, or the DBS COMPASS VISA Platinum Card, which offers a 1% cash rebate. If you want to accumulate miles, consider the Citi PremierMiles credit card, which earns 1 mile for every $3 spent.